MINING MEETINGS

New Zealand Herald, Volume LXX, Issue 21560, 3 August 1933, Page 5

MINING MEETINGS

BLACKWATER OPERATIONS OR II: GRADE IMPROVEMENT THE CONSOLIDATED COMPANY [i'rom our own correspondent] s LONDON, June 09 The annual meetings of Blackwater Mines, Limited, Keefton. and Consolidated Goldfields, which holds a largo interest in the former company, were hold successively at Winchester Houso yesterday. Mr. A. L. Foster presided. At tho Blackwater meeting, Mr. Foster stated the balance for the year on profit and loss- account, £35,753, as against £21,585 in .the previous year, allowed tho directors to recommend a final dividend of Is 6d a share, free of tax, making a total distribution of 2s 6d a share, free of tax, and to carry forward £'14,500, against £9993 brought in. After dealing with the accounts, Mr. Foster said at present the company was expending a considerable amount on additional plant, with the object of enlarging operations, reducing costs of working, and generally improvipc the efficiency of the mine. The greater portion of tho plant had to be paid for in England, so that iu addition to the ordinary tariff duties payable on landing in New Zealand, it bad also to bear the export duty on tho gold shipped to provide the proceeds - for its payment. As nono of this plant could bo manufactured in New Zealand, the taxing of the funds required fbr its payment by that method seemed somewhat unfair.

Higher Ton Recovery Referring to the results of the company's operations during the past year, he continued: "For the purpose of comparison, and basing our ealcula-. tions on what was once known as the standard value of gold, the recovery of 46s Gd a ton milled during 1932 shows an increaso of 8s 2d over the corresponding figure for 1931, which was 38s 4d a ton milled. This is a very satisfactory increase, and, as the recovery for 1931 also showed au increaso of 4s 3d a ton over its preceding year, the past year's figures are all • the more pleasing. Working costs at 32s 6Ad (New Zealand currency) a ton milled were somewhat higher. The averago price realised for our gold last year was £5 18s Id an ounce fine. For the current year an average of £6 1b 4d an ounce has, up to the present, been realised. "The year's working is all the more encouraging because the increase has not been duo solely, as in the case of many goldmining companies, at the present time, to the increased pries realised for gold, but to quite a considerable extent to the improvement in grade of or© disclosed in development and sent to tlio mill. The position at date in regard to the developments in the mine is equally satisfactory and has closely followed, and, indeed, exceeded in importance, the expectation of the management. Up to the present the mine has been worked through the main shaft, situated toward the southern end of the property, but tho workings for the mining of the ore have moved steadily toward the northern end of the property until, in some of our lower levels, we are in. places nearly 3000 ft. distant from the shaft. , The Lowest Level "Especial interest attaches at the present time to the opening up of our lowest, or No. 12, level in the mine, and our latest advices by cable fully confirm the favourable developments in this level already published. According to these advices, the orebody, known as the Hughes block, upon which we have been driving in this level, has now extended for a total length of 484 ft., of which the last 406 ft. averaged lodwts. over a width of 24ft., and, what is of very, great;* importance is that, whereas in the level above —that is, the; No. 11 level •—this block of ore existed for only 305 ft., it has increased in length in the No. 12 to 484 ft." The report was adopted, and the dividend, as recommended, was declared.

CONSOLIDATED GOLDFIELDS In moving the adoption of the report and accounts' of Consolidated.Goldfields, Limited, Mr. Foster that their large shareholding in the; • Blackwater Mines, 'Limited, constituted*; their main asset. The position had greatly improved. The nel. profit was £16,832, which, with £13,384 brought in, made £30,217 available. Out of this two dividends of 9d a share, free of tax, had already been paid. The present intention of the board was rather to remain as a holding company, but should a favourable opportunity offer, they might acquire other outside interests, or further develop the ground they already had. He wished to state, however, that they would not part%ith their interest m the Blackwater Mines, as they regarded their holding ii} that company as being in the nature of a more or less permanent investment. - -